According to Standard bank report about Comex, before the FOMC meeting the global market showed a lack of appetite for gold, but it was expected, the issue and “therefore it leads to the decline of gold futures to 54.3 Tonnes.
The main trading in Comex market had been declined to 25.8 tonnes the ETF delivery increased to 28.5 tonnes aiming short position covering. Total speculative shorts reached a new record high of 383.2 tonnes, more than 3x the 5-year average of 115.1 tonnes.
It is expecting that the gold futures is going to record its highest declining level in 5 years, after the FOMC results, net speculative length has been declined to 130.4 tonnes of gold.
The movement of prices last week caused a lack of appetite for investors on ETF demand, to make a stable point of the weak trading in the ETF market for the last 19 weeks on a row